Archive · 20 Sep 2025
Musk Denies xAI Capital Raise After CNBC Report
Elon Musk said his AI company, xAI, isn't currently trying to raise money, contradicting a news report.
The report said xAI might be looking for $10 billion, which would value the company at $200 billion.
This contradicts previous reports, which stated xAI raised $5 billion in debt, plus another $5 billion from investors.
Musk created xAI in July 2023, as a competitor to OpenAI's ChatGPT.
The company is trying to build data centers using advanced computer chips to train its AI models.
If the report of a $200 billion valuation is true, it would put xAI among the world's most valuable companies, after OpenAI and other big tech firms.
Elon Musk denied xAI is currently raising capital.
CNBC reported xAI was seeking $10 billion in funding at a $200 billion valuation.
xAI is building data centers to train AI models to compete with OpenAI.
xAI was launched in July 2023 as an alternative to OpenAI's ChatGPT.
The company is competing with the likes of OpenAI and Anthropic.
- Who
- Elon Musk and xAI
- What
- Musk denied that xAI is raising capital
- When
- Friday, following a CNBC report
- Where
- N/A
- Why
- To deny reports of fundraising, as stated by Musk.
- Company
- xAI
- Musk's Statement
- xAI is not raising capital right now
- Reported Valuation (CNBC)
- $200 billion
- Reported Funding (CNBC)
- $10 billion
- Launched
- July 2023
- Purpose
- Develop AI as an alternative to OpenAI's ChatGPT